Key Takeaways From This Article:
- Senator Lummis' proposal for a strategic Bitcoin reserve to solve the national debt.
- Timefun shutting down and users migrating to a new platform.
- Ether.Fi's $50 million buyback program.
- ICBA's request to deny Coinbase's bank charter, and Coinbase's response.
- "7 Siblings" address buys more Ethereum.
- US Treasury sanctions North Korean money laundering network.
- Gemini launching prediction market contracts.
- Former "100% win rate" whale liquidated, and Berachain recovered funds.
- Federal Reserve interest rate expectations.
- BlackRock plans to launch Bitcoin ETF in Australia.
Key Developments in the Cryptocurrency Market
Solving National Debt with Bitcoin?
Senator Lummis believes a strategic Bitcoin reserve is the solution to the national debt crisis. This position supports the Trump administration's efforts to create such a reserve.
Timefun Changes
Timefun announced the closure of its current platform and a shift to a new product and brand. User balances will be migrated to the new app, with certain functionalities like creator token sales and fund withdrawals being maintained for a limited time.
Ether.Fi Buyback Plan
The Ether.Fi DAO has approved a plan to buy back up to $50 million worth of ETHFI tokens if the price falls below $3. Transactions will be recorded on the blockchain and published on a Dune dashboard.
Regulatory Opposition to Coinbase
The Independent Community Bankers of America (ICBA) is trying to prevent Coinbase from obtaining a bank charter, arguing that it sets a dangerous precedent. Coinbase responded by saying the ICBA is trying to protect its interests by creating regulatory barriers.
Significant Ethereum Purchases
The "7 Siblings" address continues to purchase significant amounts of Ethereum, spending another $61 million USDC to buy over 18,000 ETH, bringing the total purchase in two days to nearly 38,000 ETH.
US Treasury Sanctions
The US Treasury Department has sanctioned a North Korean money laundering network involving 54 digital currency addresses.
Gemini's Entry into Prediction Markets
Gemini is planning to enter the prediction market by offering contracts on events, currently awaiting approval from the CFTC.
Whale Liquidation and Berachain's Recovered Funds
A large whale account that was previously considered a consistent winner has been liquidated, resulting in a significant loss. Berachain managed to recover stolen funds from a security vulnerability, but BEX functionalities remain limited.
Federal Reserve Interest Rate Expectations
Expectations suggest a 69% chance of a 25 basis point rate cut in December, according to the CME FedWatch Tool.
Bitcoin ETF Launch in Australia
BlackRock is set to launch the iShares Bitcoin ETF in Australia by mid-November, providing local investors with exposure to the cryptocurrency.
These developments highlight the dynamic nature of the cryptocurrency market, with regulatory and technological advancements constantly shaping the landscape.
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